Submitted by ttylyl t3_10ssqcl in singularity
Frumpagumpus t1_j73xquv wrote
Reply to comment by Iffykindofguy in Future of The Lower and Middle Class Post-Singularity, and Why You Should Worry. by ttylyl
some wealth is justly earned, land wealth is like 99% unearned.
also like I said a plurality of their wealth is in fact land wealth when you get down to the assets behind all the various financial instruments, most loans are mortgages, student loans are quickly transformed into college campuses, even auto loans basically exist to prop up sprawl. And the remaining kind, gov debt, is in part collateralized by public lands. (and all currency comes from said debt)
Iffykindofguy t1_j73yrxj wrote
Some wealth but not the type of wealth the 1% has.
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